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Solana Crashes Below Critical Support, But This AI Token Is Still … | EVM News
The cryptocurrency market is a rollercoaster ride, and lately, it’s taken a sharp turn. The recent Solana price (SOL) drop has caused a ripple effect of unease throughout the crypto landscape. Investors who watched Solana’s price (SOL) climb to new heights are now grappling with its sudden descent. But amidst the market turmoil, a beacon of hope emerges – Algotech (ALGT). Let’s explore what this AI token is bringing to the table!
Solana (SOL) Price Analysis: A Support Level Broken?
Solana (SOL) has been facing some tough times recently, and a critical support level has just been breached. Previously, $140 acted as a floor, preventing the price from falling further. However, the recent price movement couldn’t hold this level, and SOL has dipped below it. This breakdown suggests a potential shift in market sentiment, with sellers potentially taking control.
Following a support break, traders often look towards the next significant support zone as a possible downside target. In the case of SOL, this zone sits at $104. If the current bearish momentum continues, a price drop toward $104 becomes a distinct possibility.
This price movement coincides with a concerning drop in Solana blockchain revenue. Over the past week, revenue has plummeted to its lowest point in recent memory, reaching a mere $626,900. This decline comes on the heels of a recent Solana network upgrade implemented earlier in June.
The upgrade aimed to address congestion issues that had plagued the network for some time. While the upgrade successfully reduced skyrocketing transaction fees and maintained the network’s throughput of 2,000 to 3,000 transactions per second (TPS), the short-term impact on the SOL price appears to be a sideways movement with some volatility.
Algotech (ALGT): The AI-Powered Investment Platform
While the Solana price (SOL) may be experiencing headwinds, Algotech (ALGT) is charting a different course. Algotech (ALGT) is a revolutionary platform that leverages the power of artificial intelligence (AI) to empower investors in the cryptocurrency market.
Through sophisticated machine learning and artificial intelligence algorithms, Algotech (ALGT) analyzes vast amounts of market data, identifying trends and patterns that might escape the human eye. This translates into actionable trading signals for users, potentially leading them towards more profitable investment decisions.
Algotech (ALGT) doesn’t just boast cutting-edge technology; it prioritizes user experience. The platform is designed to be user-friendly, catering to both seasoned investors and newcomers to the crypto space.
So, why is Algotech (ALGT) seemingly unfazed by the recent Solana price (SOL) drop and broader market volatility? The answer might lie in the power of AI. Unlike human investors prone to emotional decision-making, AI algorithms can analyze data objectively. They can sift through massive datasets, identify subtle patterns, and potentially predict market movements with greater accuracy.
Algotech Presale Soars Towards Completion, Poised for Massive Gains on Bitmart Listing
The Algotech (ALGT) presale is on a roll, exceeding expectations and propelling the project towards a promising future. Having already raised an impressive $9.4 million, Algotech is nearing the conclusion of its Bonus Stage. Currently, the price per ALGT token sits at $0.08, with over 90% of tokens in this stage already sold. This incredible momentum paves the way for the next stage, where the token price will increase to $0.10.
But the exciting news doesn’t stop there. Upon the presale’s completion, the launch price of ALGT is projected to jump by a significant 87.5%, reaching $0.15. However, the true growth potential of ALGT skyrockets even further.
The recent announcement of Algotech’s upcoming listing on the major cryptocurrency exchange, Bitmart, has sent anticipation soaring. Experts predict that this listing could drive the price of ALGT up by over 1,200%, making it a highly attractive investment opportunity before the next cryptocurrency bull run arrives.
Conclusion
The contrasting performances of Solana Price (SOL) and Algotech (ALGT) highlight the ever-changing nature of the cryptocurrency market. While established projects like Solana (SOL) face temporary setbacks, innovative platforms like Algotech (ALGT) are demonstrating the potential of AI in navigating volatile markets. Algotech’s (ALGT) focus on AI-powered investment tools and user empowerment positions it as a potential leader in the evolving landscape of cryptocurrency investing.
For more details about this project:
Visit Algotech Presale
Join The Algotech Community
YEREVAN (CoinChapter.com) — The number of crypto ATMs installed globally has surged by 17.8% to about 38,280 over the past year, nearing the all-time high of 39,541 set in Dec. 2022. The surge could be a signal of increasing crypto adoption.
In 2024, over 2,560 new cryptocurrency ATMs were installed, marking a positive shift from 2023, which saw a net loss of 2,861 machines, according to Coin ATM Radar.
Installations increased every month from July 2023 to May 2024. Although there was a brief dip between 2022 and 2023, with a significant drop in installations, 2024 has shown a recovery with a net increase in the number of Crypto ATMs.
Bitcoin Depot, Coinflip, and Athena Bitcoin Lead the Market
Bitcoin Depot, Coinflip, and Athena Bitcoin are leading the cryptocurrency ATM market. Moreover, Bitcoin Depot has 7,543 machines, followed by Coinflip with 5,057, and Athena Bitcoin with 2,756.
Bitcoin is the most popular cryptocurrency transacted through these ATMs, followed by Bitcoin Cash, Ether, and Litecoin.
In terms of geography, more than 82% of the world’s cryptocurrency ATMs are in the United States. Canada follows with 7.7%. Australia has seen a significant increase, rising nearly 17-fold to over 1,100 machines in two years. At the current rate, Australia may soon surpass Europe’s 1,584 ATMs.
Spain, Poland, and El Salvador have notable numbers of cryptocurrency ATMs, with 313, 279, and 215 machines, respectively. Germany and Hong Kong also have significant numbers, with 177 and 169 ATMs each.
Crypto ATM Installations Recover After Significant Drop, Expanding Globally
Between Dec. 2022 and July 2023, the total number of installations dropped to an 18-month low of 32,764. BitAccess net installations fell by 26% from 9,160 in Aug. 2022 to 6,774 in Jan. 2024 before mounting a recovery in later in the year.
Notably, among the 193 United Nations-recognized countries, 72 operate a crypto ATM. Countries with more than 100 ATMs include Romania, Georgia, Switzerland, Austria, and New Zealand.
Above all, the steady increase in cryptocurrency ATMs, despite previous setbacks, highlights the sector’s recovery in the cryptocurrency ATM sector. In fact, President Nayib Bukele’s promise of a Bitcoin bank project could also advance crypto’s advancement goals.
YEREVAN (CoinChapter.com) — Pump.fun’s cumulative revenue has crossed $50 million. The Solana-based memecoin launchpad is noted for its ease of use and Solana’s low transaction fees. According to DefiLlama data, Pump.fun generated over $598,000 in revenue within the past 24 hours.
Pump.fun’s Memecoin Launch and Continued User Engagement
Pump.fun has helped launch over 1.18 million memecoins. The platform’s popularity grew amid the recent meme-token boom, resulting in the creation of various political-themed cryptocurrencies, celebrity tokens, and more. Data from Dune Analytics confirms the high volume of memecoins deployed via Pump.fun.
Recent unfavorable market conditions have caused a dip in daily fees. However, Pump.fun still shows significant user engagement and economic activity on the Solana network.
Pump.fun Boosts Solana’s Economy Amid Rising Competition
The substantial fees generated by Pump.fun and the large number of tokens deployed have brought considerable economic activity to Solana. The platform maintains high user interest and drives transactions.
Dexscreener, a crypto data aggregator, launched a rival memecoin launchpad named Moonshot. Also based on Solana, Moonshot accumulated nearly $500,000 in revenue during its debut week, according to DefiLlama data. This new competitor adds another layer to the growing memecoin market on Solana.
Pump.fun’s Revenue Model and Celebrity Impact on Solana
Pump.fun charges a 1% fee on trades and a two SOL fee when tokens gain enough liquidity to list on Raydium, a decentralized exchange on the Solana blockchain. This revenue model has significantly boosted user engagement and transaction activity within the Solana ecosystem.
Celebrity involvement has also contributed to Pump.fun’s growth. Last month, Caitlyn Jenner launched her token, JENNER, on the platform and heavily promoted it. The token’s value quickly rose to $43.6 million after the launch but has since dropped by over 85%.
Key Numbers and Facts
- Pump.fun’s cumulative revenue: $50 million+
- Memecoins launched: 1.18 million+
- Recent 24-hour revenue: $598,000+
- Moonshot’s debut week revenue: $500,000
YEREVAN (CoinChapter.com) — Crypto exchange Gemini and Real Bedford football club, co-owned by Peter McCormack, have signed a five-year sponsorship deal. The deal, announced on Monday, aims to support the club’s success and create new opportunities for locals. It will be paid in Bitcoin.
Winklevoss Capital, owned by Gemini founders Tyler and Cameron Winklevoss, made a $4.5 million investment in the football club in April. The new sponsorship is in addition to the previous investment. The April investment made the Winklevoss twins co-owners of the club alongside McCormack. McCormack bought the club in 2022.
Company Logo to Feature on Jerseys in New Deal
A Gemini spokesperson explained that both the team’s jerseys and the pitch will feature Gemini’s logo as part of the sponsorship deal. Gemini has sponsored the club since 2022. The value of the new deal was not disclosed.
Real Bedford’s integration of Bitcoin into its operations stands out. Players are able to receive payments in cryptocurrency, and fans can buy tickets and merchandise using Bitcoin. This integration has led to a +62% return, strengthening the club’s financial position.
Real Bedford’s Bitcoin Strategy Secures 62% Return
Real Bedford football club holds its treasury in Bitcoin. The five-year sponsorship deal will be paid directly into this Bitcoin treasury. This strategy safeguards the club’s savings and investments against high inflation. The football club plans to use the sponsorship funds to build a new training center and launch a youth football academy for underprivileged children in Bedford, England.
“By integrating Bitcoin into our treasury, we have achieved a +62% return,”
McCormack said. This return has helped protect the club’s cost base against inflation. Bitcoin is a key part of its financial strategy.
“I want to extend a massive thank you to Gemini for renewing their sponsorship agreement with Real Bedford for another five years.
McCormack commented
The sponsorship deal will provide significant support to children in Bedford. For example, the new training center and youth football academy are significant steps forward for the area. They will provide better opportunities for underprivileged children in Bedford, where McCormack lives.
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